Walmart is buying India’s Flipkart. Walmart continues over to control e- market compete against .  finally it official. Because giant corporation is acquiring Flipkart.

The ’s largest retailer will take control soon. Of the -based e- its acquisition , Softbank chief executive officer Masayoshi Son said in an webcast as per Bloomberg.

Softbank’s 20% stake in Flipkart valued at $4 billion.  (Rs27,000 crore). Son said, adding that he had invested $2.5 billion in the . Son did share any further of the transaction.

“Walmart is purchasing Flipkart. Last night there was the official announcement. I believe the deal was reached the 2.5 billion that we have invested has turned out to be 4 billion.” Son said.

The acquisition cost Walmart around $15 billion, according to a previous estimate by Bloomberg.

was also reportedly in the fray to acquire Flipkart went far to  a “breakup fee” of up to $2 billion to prove its seriousness. A breakup fee penalty has set during the takeover process. This agreement will pay if the backs out of the deal.

, Walmart managed to seal the deal and is now in a place to take the fight to in India’s e- market, which is estimated to grow over 13 times to $200 billion by 2026.

A giant leap

The deal marks a significant milestone Flipkart.

What started in 2007 as an bookstore operating out of the Bansal duo’s two-bedroom apartment in . Flipkart is now the -valued new-age company in the . With around 30,000 employees. It is also one of the highest-funded private companies in the . Which has a giant like Amazon a tough time in India during the last five ?

An worth billions and backed by marquee like Softbank, Tiger Global, DST Global, and Accel Partners, among , Flipkart helped break India’s image as just the ’s .

Let the battle

Following this deal, the Indian e-commerce space will now become a battlefield two behemoths: Walmart and Amazon.

The two have been fiercely competing against other in the , including by acquiring smaller players. Flipkart’s acquisition widely considered as an extension of the battle.

“In the , Walmart is the formidable competitor left for Amazon. Walmart has been growing its e-commerce operations and Amazon has increased its footprint with physical stores,” Kartik Hosanagar, a professor of and at the University of Pennsylvania’s Wharton School, told Quartz last week.

“Walmart’s looming investment in Flipkart reflects that. Walmart is fighting Amazon and in China through its partnership with . I suspect something similar will happen in India through a partnership with Flipkart,” he added.